Commodities (Crude Oil & Copper) & Macro Outlook

On April 21, Zelenskyy announced that maintenance on the Friendship oil pipeline is complete and the pipeline is ready to resume operations.

Oil prices surged: WTI hit $92 and Brent at $93.68, with intraday gains near 4% and 3.65% as both benchmarks extended gains throughout the session. Abstract: The piece notes a continued rise in crude oil prices on April 21, with WTI at $92 and Brent at $93.68, as both benchmarks maintained intraday momentum, indicating persistent upward pressure in the oil market.

WTI crude fell 11% to $84 as Middle East tensions eased, easing supply concerns that had boosted prices.

The article notes that Bitcoin’s volatility over the past month has fallen to around 42%, with the price staying within the $65,000–$75,000 range, significantly lower than Kospi’s volatility. The approval of U.S. spot ETFs has drawn institutional capital in, improving liquidity and hedging capability, and strengthening Bitcoin’s resilience. Korean equities have highlighted the risk of Middle East energy supply and sharp swings in oil prices, underscoring Bitcoin’s role as a de-nationalized, relatively stable safe-haven asset.

Gate News message, April 21 — Gold prices fell to $4,770.90 per troy ounce with a daily decline of 1.03%, while silver dropped to $78.333 per troy ounce, down 1.71% for the day. Bitcoin volatility index (BVIX) rose to 44.23, up 1.12%, and Ethereum volatility index (EVIX) climbed to 68.40, gaining 1.

Gate News: According to the latest Gate TradFi data, COFFEE (Coffee) has dropped by 2% in a short period. Current volatility is significantly higher than recent averages, indicating increased market activity.

Gate News message, April 21 — The U.S. State Department announced that American military forces boarded the stateless, sanctioned oil tanker M/T TIFANI in the Indo-Pacific region. The vessel underwent inspection as part of U.S. military operations in the

Russia says it is technically ready to resume oil shipments to Hungary via the Friendship Pipeline, but Kyiv's actions will determine resumption; Moscow cites Ukrainian extortion for the halt. Abstract: Russia states it is technically prepared to restart oil shipments to Hungary through the Friendship Pipeline, contingent on Kyiv's steps, with Moscow attributing the halt to Ukrainian extortion.

An Iranian oil tanker breached a U.S. blockade and entered Iranian territorial waters from the Arabian Sea on April 20, with support from the Iranian Navy, as reported by Tasnim News Agency on April 21.

Gate News message, April 21 — WTI crude oil (U.S. West Texas Intermediate) dropped below $86 per barrel, declining 1.6% during the session to trade at $85.97 per barrel.

Gate News message, April 21 — Lithium carbonate futures (a key raw material for EV batteries) fell 4% during intraday trading, currently quoted at 172,100 Chinese yuan per ton.

South Korea's exports rose 49.4% in early April, driven by strong semiconductor demand and high oil prices, leading to a $10.4 billion trade surplus. However, rising inflation and currency issues pose challenges for future growth.

Gate News message, a newly created wallet address "0xEbE" deposited $10 million USDC into HyperLiquid and opened a 63,000 BRENTOIL short position with 20x leverage. Another wallet "0x9D3", linked to the same whale, holds 20x short positions of 250,000 BRENTOIL (valued at $22.5 million) and 210,000 C

JackYi, founder of Liquid Capital, asserts the market is in a rally phase but anticipates a pullback due to potential triggers like declining U.S. equities and inflation data. He advises investors to focus on risk management and capital preservation.

Morocco's Ministry of Industry and Trade has extended safeguard measures on imported hot-rolled steel for three years, with declining tariff rates starting at 19% and covering specific tariff codes.

After experiencing sharp volatility over the weekend triggered by heightened U.S.-Iran tensions, Bitcoin returned near $76,000 on April 21. U.S. President Trump said that any agreement that Iran and the U.S. are currently negotiating will be “better than” the 2015 Joint Comprehensive Plan of Action (JCPOA), and that he is willing to meet directly with Iran’s leadership. The remarks briefly boosted market sentiment. However, Brent crude oil continued to swing around $90 per barrel, keeping Bitcoin under cautious sentiment pressure.

The Trump administration has launched a claims portal for U.S. companies to recover over $160 billion in tariff refunds after a Supreme Court ruling. Major retailers like Walmart and Target are among those filing claims, with refunds processed by Customs and Border Protection in stages, typically issued within 60 to 90 days.

The Strait of Hormuz has once again become a focal point for Taiwan’s energy security in recent days, especially as Formosa Petrochemical Shipping’s “Jun Shan” vessel is transporting 2 million barrels of crude oil from Saudi Arabia, en route to Taiwan’s Mailiao Port. Although tensions in the Middle East are high and the volume of ship traffic has reached a new high, U.S. President Trump has openly said that the Iranian regime could face a regime change, which may keep the risks in the Strait of Hormuz rising, and the market needs to prepare for longer-term volatility.

Battery-electric vehicle registrations in Europe surged 29.4% in Q1 2026, reaching nearly 560,000 units, driven by rising fuel costs. Significant growth was seen in major countries, contributing to energy security and reduced oil consumption. Global electricity demand grew 3% in 2025, mainly fueled by emerging markets, with buildings and data centers as key drivers.

On April 20, a strong earthquake of magnitude 7.5 struck Japan’s northeastern region, with seismic intensity reaching 5 in Aomori Prefecture, and it also triggered a tsunami warning. The earthquake has a major impact on the semiconductor supply chain, especially the Kioxia Iwate plant, which accounts for 4% of global NAND capacity. Shutdown inspections and restart status will affect memory market supply; in addition, the entire semiconductor manufacturing network across the northeastern region also faces risks, which could squeeze future supply growth.